D/S Norden — Director's Dealing 2014

Mar 19, 2014

Announcement no. 13 19 March 2014 Page 1 of 3

Dampskibsselskabet NORDEN A/S Statement of leading employees' and employee-elected board members' transactions in NORDEN shares and related securities

As stated in NORDEN's annual report of 11 March 2014, NORDEN has established a share option programme for leading employees and other key employees, in total 60 employees (against 62 employees last year). Each share option entitles the recipient to acquire one NORDEN share with a nominal value of DKK 1. The programme includes a total of 400,000 share options. The share options may be exercised in the period from 11 March 2017 to 11 March 2020.

The exercise price of the options is determined as the five-day average of the market price following 11 March 2014, less all dividend payments after 11 March 2014 plus an addition of 10%.

According to section 28A of the Danish Securities Trading Act, the Company shall report the following information about the transactions of leading employees and employee-elected board members in the Company's shares and related securities:

Occasion: Reporting duty, President & CEO Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 68,387 Market value of underlying shares in DKK: 17,197,963 Holding after the transaction: 49,769 shares and 307,120 options

Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 25,969 Market value of underlying shares in DKK: 6,530,684 Holding after the transaction: 1,800 shares and 139,740 options

Occasion: Reporting duty, Executive Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 20,114 Market value of underlying shares in DKK: 5,058,269 Holding after the transaction: 2,843 shares and 94,255 options

Name: Carsten Mortensen

Name: Michael Tønnes Jørgensen

Occasion: Reporting duty, Executive Vice President & CFO

Name: Lars Bagge Christensen

Occasion: Reporting duty, Executive Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 18,505 Market value of underlying shares in DKK: 4,653,637 Holding after the transaction: 4,223 shares and 68,013 options

Occasion: Reporting duty, Executive Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 27,355 Market value of underlying shares in DKK: 6,879,235 Holding after the transaction: 4,042 shares and 55,580 options

Occasion: Reporting duty, Senior Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 13,179 Market value of underlying shares in DKK: 3,314,255

Occasion: Reporting duty, Senior Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 11,586 Market value of underlying shares in DKK: 2,913,647 Holding after the transaction: 723 shares and 72,184 options

Occasion: Reporting duty, Senior Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 11,098 Market value of underlying shares in DKK: 2,790,925 Holding after the transaction: 4,223 shares and 53,020 options

Description: Shares

Name: Martin Badsted

Name: Ejner Kiel Bonderup

Name: Mikkel Fruergaard

Holding after the transaction: 723 shares and 51,678 options

Name: Lars Lundegaard

Name: Kristian Wærness

Name: Vibeke Schneidermann

Occasion: Reporting duty, Senior Vice President Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Transaction: Allotment of share options

DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, WWW.DS-NORDEN.COM, CVR NO. 67758919

Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 9,172 Market value of underlying shares in DKK: 2,306,575 Holding after the transaction: 723 shares and 49,286 options

Issuer: Dampskibsselskabet NORDEN A/S ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 11 March 2014 Market: NASDAQ OMX Copenhagen A/S Number: 1,854 Market value of underlying shares in DKK: 466,244 Holding after the transaction: 1,149 shares and 8,883 options

Name: Ole Clausen

Occasion: Reporting duty, employee-elected board member

The theoretical Black-Scholes value of each option is DKK 28.41 based on the exercise price determined as the five-day average of the market price (all transactions) from 12 March 2014. The estimated value is based on the following assumptions: that all options are exercised after 3.25 years, a volatility of 25.6%, an annual dividend rate of DKK 2 per share (from 2014) and a risk free interest rate of 0.24%.

Kind regards, Dampskibsselskabet NORDEN A/S

Michael Tønnes Jørgensen Executive Vice President & CFO

Further information: Michael Tønnes Jørgensen, Executive Vice President & CFO, tel. +45 3315 0451.